Titanium Asset Management Corp Company Reports Receipt of Non-Binding Offer (9355C)
April 22 2013 - 11:14AM
UK Regulatory
TIDMTAM
RNS Number : 9355C
Titanium Asset Management Corp
22 April 2013
Titanium Asset Management Corp.
Company Reports Receipt of Non-Binding Offer
Board Appoints Special Committee, No Changes Anticipated
Milwaukee, WI, April 22, 2013 - Titanium Asset Management Corp.
(AIM - TAM) (the "Company") reports that the Company has received a
proposal from TAMCO Holdings, LLC ("TAMCO") that it wishes to
acquire, through a tender offer, the remaining outstanding equity
interests of the Company that it does not already own at $1.00 per
share in cash. TAMCO currently owns 53.6% of the outstanding common
stock of the Company.
The proposal states that TAMCO has no interest in selling its
shares and will not support an alternative transaction. TAMCO has
stated that no changes are anticipated in the current business as a
result of the proposed transaction.
The Company's board of directors has appointed a special
committee, consisting solely of its independent non-executive
directors, to consider the terms of the proposed transaction. The
special committee has the authority to retain its own independent
financial and legal advisors.
The Company cautions its shareholders, and others considering
trading in its securities, as follows: the proposal is preliminary
and nonbinding; the Board of Directors has just received the
proposal and the process of considering the proposal is only in its
beginning stages; no decisions whatsoever have been made by the
special committee in respect of the Company's response, if any, to
the proposal, and shareholders are not now being asked to take any
action with respect to the proposal; the special committee will
proceed in a timely and orderly manner to consider the proposal and
its implications in accordance with applicable state and federal
laws, including the Securities Act of 1933 and the Securities
Exchange Act of 1934; and there can be no assurance that the
proposed transaction or any other transaction will be approved or
completed.
For further information please contact:
Titanium Asset Management Corp.
Robert Brooks, Chairman +1 312-335-8300
Titanium Asset Management Corp.
Brian Gevry, Chief Executive Officer +1 216-771-3450
Cantor Fitzgerald Europe
David Foreman +44 20 7894 7000
This information is provided by RNS
The company news service from the London Stock Exchange
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